Kraken Robotics
Assembly Line
Kraken Robotics Completes $51.75 Million Bought Deal Public Offering
Kraken Robotics Inc.(TSXV: PNG, OTCQB: KRKNF) is pleased to announce that it has closed its previously announced “bought deal” short form prospectus offering of common shares of the Company (“Common Shares”). A total of 32,343,750 Common Shares were sold at a price of $1.60 per Common Share for gross proceeds of $51,750,000, inclusive of the full exercise of the over-allotment option by the Underwriters (as defined below).
The net proceeds of the Offering are expected to be used to advance the Company’s long-term strategy, including: (1) investing in expanded facilities and increased manufacturing capacity; (2) providing flexibility to take advantage of opportunities for accretive acquisitions of complementary technologies and businesses; (3) increasing the Company’s attractiveness as a stable and reliable long-term supplier; (4) strengthening the Company’s balance sheet to provide additional working capital to meet customer requirements in connection with potential additional large orders, as well as new program and contract opportunities; and (5) for general corporate purposes.